Oil mixed as China’s economy weakens, but OPEC cuts still support crude
Oil prices were mixed on Tuesday, pressured by a weakening economy, especially in China, yet still supported by ongoing supply cuts from producer club OPEC and US sanctions against Iran and Venezuela.
Front-month Brent crude futures, the international benchmark for oil prices, were at $69.90 at 0106 GMT. That was 21 cents, or 0.3%, below the last session’s close, when Brent rose 2.1%.
US West Texas Intermediate (WTI) crude futures were at $59.03 per barrel. They did not trade on Monday due to a public holiday in the United States, but stood 40 cents, or 0.7%, higher than their last close on Friday.
Traders said Brent prices were under pressure from an economic slowdown hitting China as a result of the ongoing trade war with the United States, which is also expected to dent fuel consumption.
